20 Seconds is All it Takes

While I find myself in the busiest season I’ve yet to face, I’ve managed to find the time to do a little research.  This research is regarding the value of professional photography for the real estate industry.  I’ve put this together to emphasize what bringing a professional photographer to the table can mean for a realtor.  More importantly how embracing the photographer as more of partner or asset can increase the profitability for any realtor.

First some facts.

According to the website RE Source 90% of buyers look on-line before they even contact a realtor.  In the same article they state that 88% of those people prefer professional images.  Having professional images of a property is becoming essential.  But less than 15% of all listings use professional photographs.  This according to the Wall Street Journal

WSJ_Graph_1

20 seconds                                                                                                           In a Wall Street Journal article from March of 2013 it is reported that 95% of home buyers looking on line spent 20 seconds looking at the “Hero” or main exterior photograph.  That’s out of a total of 56 seconds spent on all of the images.  According to Professor Michael Seller, Founder and Director of the Institute for Behavioral and Experimental Real Estate at Old Dominion University, “Without an eye-catching photo, the battle is lost before it begins.”  He goes on to say, “You have to grab peoples’s attention within 2 seconds.”  2 seconds!  It’s not a lot of time.  So ask yourself, “Are my images that I take with my iPhone compelling enough to grab people and have them continue looking at the listing?”

So out of the total amount of time looking at aWSJ_Graph_2 listing your potential buyer spends           60% of their time looking at the photos, 20% of their time looking at the property description and the remaining 20% on the realtor’s remarks. (These stats taken from the same WSJ article from March 2013)  So if we do a little math that means; 56 seconds on photos. 18.5 seconds on the property description and another 18.5 seconds on the realtor’s remarks.  Not a lot of time on those wonderful few paragraphs that you’ve slaved hours over is it?  Based on these statistics the best place for you to spend your marketing dollars is not in the hours spent trying to come with adjectives and superlatives to describe the property. It’s in the planning and preparation for the images.

I know.  At this point you’re asking what’s the bottom line?  Let’s break down the numbers. Redfin_Infographic-good-photos_21813According to on-line resource Redfin it could mean $934 to almost $19,000 more for your listing depending on the price range the property falls into.  Which means as a realtor more dollars in your pocket.  In addition listings with professional images garnered 61% more views.  How’s that for increasing the odds?  Additional research provided by Brick House Visuals and Los Angeles area MLS indicate that homes in that area sold on average  26 days faster when professional images were used.  Putting it all together,  that means you sell more houses for more money in the course of year. All by simply investing in professional images of the property.

 

The Cost                                                                                                                               But Jim it’s SOOOOOO expensive to hire a professional photographer.  Well let’s just call BS on that right here and now.  The national average for bringing in a professional photographer is $300 (Based on 2011 polling).  I know for a lot of realtors this comes out of your pocket initially and it can seem like a lot of money.  But let’s look at this in dollars and cents.  Based on the median price of a home in the U.S. the average commission is $6668.  So the $300 that your professional photographer cost you is a mere 4.5% of that and overall less than 0.1% of the value of the home.  That’s not a typo.  Less than one-tenth of a percent of the value of the home.  But if this allows you to sell 2,3,4 or more homes a year your overall income has increased.  Substantially.

There are additional benefits that go beyond the sale of the home.  The biggest of these is the perception potential future clients will have of you as being more professional and willing to take the additional steps to get their property sold.  As a realtor you drive home how important “curb appeal” is to the homeowner.  It’s your responsibility as the realtor for the “web appeal”.  You are the one responsible for the on-line presence of the property.  Remember that 2 seconds we spoke about earlier?  Now think about the property that you just took photos of with your iPhone competing against someone else who has taken the added step of hiring a professional photographer.  Still think your iPhone pictures cut it?

Well I have a DSLR                                                                                                             Great and you probably take some awesome vacation photos.  But just having a DSLR isn’t enough.  A professional photographer can make your life as a realtor considerably easier.  First off unless you’ve spent years photographing your own listings you’re not going to have shot anywhere near the number of homes a real estate/architectural photographer has.  Most real estate photographers have hundreds if not thousands of homes under their belt before you engage their services.  Secondly.  The photographer brings his/her artistic eye to the game.  Yes real estate and architectural photography is very technical but you have to have an eye for composition and lighting that only experience can bring.  Speaking of lighting that brings us to the third part.  The gear.  Most photographers have thousands and thousands of dollars invested in equipment and lighting.  Special lenses. Special lights.  The stands, gels, modifiers and other assorted items required for professional photography. (Personally I come to a shoot carrying about $10000 worth of cameras and equipment.  Some people I know have way more invested.) Not to mention the hundreds of hours working with that gear and learning it inside and out.  The final factor is the darkroom (now Photoshop) skills to make your property look like it was lifted right out of any architectural or lifestyle magazine.  Here again the photographer has spent hundreds of hours learning and perfecting those skills through training and repetition.  Now as a realtor with a DSLR can you bring all of this to bear on your photography?  Not to mention the time.  Probably not.  I know there is the rare exception but isn’t better to leave it to the professional who does this day in and day out?

The Downside                                                                                                                        Is there really a downside to all of this?  OK so you won’t have your images the minute you get back to the office.  In most cases you can have them in 24-48 hours.  72 hours at the extreme end of things.  So you might have to plan ahead a little.  Other than that you really can’t get a better bang for your marketing dollar that professional photography can bring you.  You get better quality images, faster sales, higher prices, the time to concentrate on selling the property and developing new leads and a better professional representation which leads to more and better listings.  All of this when you engage and partner with a professional photographer.  So what are you waiting for?

NEXT TIME:  Making it Happen (The Photo Shoot that is)

 

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Feeling Humble

Today I had something quite unexpected happen.  I woke this morning to a notification from my Flickr account that I had a new follower.  And just any new follower.  It was a photographer whose work I really admire.  He’s mainly known for his avant garde style in the fashion world.  His name is Frank Doorhof.  Here’s a link to his Flickr account; https://www.flickr.com/photos/frankdoorhof and his web site; http://www.frankdoorhof.com.  I think you’ll be very impressed if you haven’t seen his work already.  It’s some pretty cool stuff.   Too continue on the same line of unexpected.  Last week I shot a house for a realtor last week.  The owner happened to be a relatively big name architect in the Philly area.  I was a little nervous as I knew my images would be compared to the photographer that his firm uses.  Here again a relatively big name.  His name is Tom Crane.  Here’s the link to his website; http://www.tomcranephotography.com  So you can understand the sense of validation I got when I saw an email from the homeowner after I delivered a copy of the images to him.  Here’s what he said.

Hi Jim:

Thank you so much for sharing your talent.  The photos of our house are terrific and clearly attest to your skill and the time you took to compose and light the images.

Best regards,

Peter

It’s always nice to have your hard work notice and appreciated.

7 Caryl Living Room 7 Caryl Front Door 7 Caryl Library

 

The DSLR Advantage for Real Estate

For a while now I’ve been on the hunt for some research data that backed up my contention that professionally photographed properties sold faster than those taken by a realtor or other non-professional photographer.  Well I finally found some.  And as more fuel to my hypothesis , it also indicates that the homes shot professionally sold for more money.  Now this article doesn’t get into what else is involved when a professional shoots a property.  This article contends that it’s the “DSLR Advantage”  and while I agree there is significantly more involved when a professional photographs a home.  Yes there is the camera.  But just because you own a DSLR doesn’t mean your images are automatically better.   What this article doesn’t say is that it’s not just the camera.  Lens choice, composition, and lighting all contribute to a better image.  Not to mention years of experience and hundreds if not thousands of houses shot by the photographer all contribute to better images.  Then there’s software and processing the images so they look as good as possible.  There is no way a realtor or assistant is going to spend as much time (OK any time) trying to make the images look as good as possible.  They have better things to do.  This is why as realtor it pays to hire a professional photographer to bring you better images.  Remember, better images don’t just make the property look good, they make you look good too.

I’d like to thank WideIPhoto for finding and initially posting this article.

 

Daily Real Estate News | Wednesday, December 04, 2013   REDFIN.COM

Professionally photographed homes tend to sell for more money and sell faster than homes listed with point-and-shoot cameras, according to a new study by the real estate brokerage Redfin.

The study found that homes priced between $200,000 and $1 million sold for an average of $3,400 to $11,200 more than their list prices when professionally photographed than homes with amateur photos. For homes priced between $400,000 and $499,999, the study found that homes professionally photographed sold for $11,200 more.

In an analysis of 22 markets, the Redfin study evaluated the sales success of homes shot professionally with a digital single-lens reflex camera versus homes shot with amateur, point-and-shoot cameras. The study evaluated homes priced between $200,000 and $1 million.

The study also found that homes that were professionally photographed also tended to sell faster. For instance, homes in the $400,000 range that were professionally photographed sold 21 days faster than those photographed with point-and-shoot cameras.

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Source: Redfin

As The Wall Street Journal reports today, “listings with nicer photos gain anywhere between $934 and $116,076.” The graph clearly shows that you are likely to receive thousands more if you list your home using DSLR photography than if you used a simple point-n-shoot camera to take the photos yourself.

Since the price of a DSLR camera (anywhere from $500 to $5,000+) is generally out of the price range of your average hobbyist, let us assume that photos shot with DSLR cameras are shot by professionals. Since professional photos could net you thousands more on the sale of your home, it stands to reason that spending the $100 – $500 on professional photos is a worthy investment of your marketing dollars.

Given this obvious upside, it is shocking that only 15.4% of homes in our data set were marketed using professional photography. The majority of listings, 80.9%, were photographed using point-n-shoot photography, and still another 0.7% used just a camera phone. Let’s not mince words: If you are not using professional photography to market your home, you are not really marketing your home.

A few more interesting tidbits that came from our analyses:

Homes shot with a DSLR camera:

  • Receive an average of 61% more views than their peers across all price tiers.

  • Have a 47% higher asking price per square foot.

  • Have an increased likelihood of selling for homes priced above $300,000.

So, what does this all mean to someone selling their home?

Invest in nice listing photos. A professional-looking photo can dramatically increases the likelihood that a potential buyer will click through to view your listing and drives more buyers to tour your home. Ultimately, the more people interested in your house, the better your chance of receiving an attractive offer. A photo really can be worth a thousand dollars.

 

A House. A Photographer. And Getting the Color Correct

In my last post I promised I would share some images from the shoot I did.  So here they are.  I’ve been trying some new techniques I’ve learned reading the Scott Hargis book and studying what Mike Kelley does.   I’m really liking the results.  Real estate photography is not as easy as most people think it is.  Dealing with wide dynamic range of dark interiors balanced against bright windows and sunshine is very tricky.  Making things look natural and not over lit by too much flash.  Getting the view out the window but not too much.  And most importantly capturing the essence of the space.  Along with all of this is the ability to render colors accurately.  I was the 3rd or 4th photographer to shoot this property.  While there the owner expressed to me her concern that none of the previous  photographers had reproduced the colors correctly.  They ranged from a soft peach in the entry to a deep almost brick red in dining room to a soft yellow in the kitchen.   Challenged accepted.  She later showed me brochure with some of the images from one of the other photographers.  Let’s just say they weren’t accurate and leave it at that.  I tried to explain to her that it might not be entirely the photographers fault.  That there are a lot of variables when printing an image and making sure that colors are rendered correctly.  All while trying not get too technical.  After this conversation I thought for a moment about what the client said.  That it was a problem with the photographer.  Not it was a problem with the printer or the photographer sent images in the wrong color space or the realtor had used the wrong version of the images.  No.  It was the photographer’s problem.  Perception is everything.

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A Great Start!!!

At the end of 2013 I made a commitment to myself to not only grow as a photographer but to grow the business as well.  If January is any indication, I’m not going to have any problem growing the business.  I’ve already done 4 real estate shoots in the past week.  I’ve got 3 more scheduled for next week along with an event for the JDRF South Jersey Chapter, a wedding for Faymus Media and one more real estate shoot at the end of the month.   If everything on schedule comes through I will have more than doubled the number of real estate shoots I did last January.  Plus put another wedding under my belt.  The biggest trick is getting all of the future promotions and work together and getting my name out to more realtors.  This year I’m also going to put significantly more effort in getting my name to architects and designers.  I REALLY want to get into more architectural work.  It would be nice to spend the time really putting together a nice architectural shoot.  I love getting all of the details together for shoots like that.  The planning.  The preproduction. And the ability to really craft an image.  In the meantime I will continue honing my craft with real estate shoots.  Speaking of which.  I did a shoot last week for Charles Rappa.  A realtor based in Northern Delaware and SEPA.  He had me over to shoot a beautiful home of about 4500 sq. ft.  While I was getting set-up Charles mentioned to me that house had been on the market before with another realtor.  And that realtor had had the house shot several times because the owners were extremely picky in how they wanted the house represented.  All Charles said to me was that the owners said  “It’s all about the lighting.”  Oh boy.  Well, I did what I do and held my breath.  The owners were out of town and wouldn’t be back for a couple of days.  I completed the images and sent them off.  Fingers and toes crossed.  I heard back two days later.  The owners loved the pictures!  Thought that they truly represented the house.  YEAH!  Here’s a couple of examples from the shoot.

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‘Twas the Day/Night Before

Haven’t blogged in a couple of days.  Not a whole log going on.  Finalizing accounting for the year.  Trying to get some sort of game plan together for 2014.  I really need to step-up my game next year.  I fully realize that I’m going to have to be much more aggressive in my marketing and try even harder to separate myself from the masses.  Not quite sure how but it has to happen.  Next year marks 3 years I’ve been doing this as my sole income.  While not quite unsuccessful, I really need to be more successful.  The real estate market is doing much better and I really hope to increase the number of shoots I do 2014.  But I do need to find other sources of income.  I am really going to push the architectural aspect.  I’m sure there is a little confusion when I say that.  Most people would be asking, “Aren’t real estate and architecture the same thing?”  Well not really.  Over the past year or so I’ve come to some really profound realizations regarding the delineation between the two.  First is to understand that for realtors the images are just another tool.  One that they aren’t going to care about after the property is sold.  Secondly realtors don’t really care about how good your images are.  As long as they are better than they can take with their point and shoot that’s all that matters.  Thirdly because the initial cost comes out of their pocket, they don’t want to spend a lot of money.  I’ve done some research on this and the national average price for a real estate shoot is $300.  That is for 20-25 images.  When you break this down to a per image price it is $12-$15.  Remember that’s for unlimited usage.  Which usually includes, MLS, Realtors website, print brochures, and God knows what else.  As for architectural.  These are typically for portfolios, advertising, magazine spreads.  These images will be used for years by the architect, builder, or designer.  A much different area.  As a photographer you get to spread your creative wings a little and can really craft an image.  These clients are considerably more discerning when it comes to the quality of image they want.  This is where you can really show off your talents as a photographer and create that special image.  These clients are also willing to pay for that creativity.  I would really love the opportunity to spend several days photographing a property.  Waiting for the light to be just right in each room.  With real estate you never get that opportunity.  Because of the cost limitations you can’t afford to scout the property and wait for the right time of day to shoot each room and spend all day at the property.  Personally I like to limit my on-site time to no more than 3 hours when doing a real estate shoot.  This way I can get  two done in a day when I have to.

Well here’s to a great 2014.  Happy Holidays, Merry Christmas, Happy New Year!!

Westtown Demo_V2I’ll leave you with the Holiday ad I did for Westtown Township.

The Final Count (For the Year that is)

Yesterday I did what will undoubtedly be the last real estate shoot of the year.  Nothing huge.  Just a 1000 square foot condo in the beautiful Wireworks building in downtown Philly.  With that it brought my total to 108 real estate shoots in 2013.  Not too bad.  But my goal is to increase this number by a 15-20%.  I also want to continue branching out into doing weddings.  I know.  I know.  My About page and previous comments would lead you to believe that weddings were the last thing I’d be branching out into.  But I found myself enjoying the experience of the few that I’ve done over last 2 years.  It’s a lot of hard work.  A LOT.  And I’m not just talking about the actual event.  There are sooooo many people out there calling themselves wedding photographers.  Trying to compete with other professionals, the part-timers and the mom’s with cameras can be daunting.  It has become an especially competitive arena.  The other thing that has happened as a direct result of all this competition is a market full of potential clients that have become VERY price conscious.  But I’m going to give it a shot.  Hopefully with the help of Corey and his company Faymus Media, it will be a successful foray.  Keep your fingers crossed.  I’ll keep you posted

Reyes Wedding